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CCCS sees rise in problem debt
07/03/2006 08:32:00
The Consumer Credit Counselling Service (CCCS) has said that problem debt is rising faster across Britain than normal unsecured debt.
It found that the average debt management plan now totals £29,400 in value, a ten per cent increase compared to last year.
Meanwhile, total unsecured debt in Britain has risen by 5.9 per cent over the same time.
Malcolm Hurlston, chairman of CCCS, told This is Money that it is "bad news" that "problem debt has increased over and above the rate of unsecured debt growth".
Problem debt is defined as money that borrowers struggle to repay and according to the CCCS more lenders made such money available last year compared to 2004.
However, the CCCS claims that due to rising salaries across the country, more people are finding it easier to repay their problem debt.
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